Premier Oil completes its restructuring

Sept. 17, 2003
The UK-based Premier Oil PLC completed its corporate restructuring, effective Sept. 12.


By OGJ editors
HOUSTON, Sept. 17 -- The UK-based Premier Oil PLC completed its corporate restructuring, effective Sept. 12.

Premier Oil CEO Charles Jamieson said Premier is "fully independent for the first time in 8 years."

The company's independence followed approval by Myanmar authorities to transfer Premier Oil's Myanmar and Indonesian interests to Amerada Hess Corp. and subsidiaries of Malaysian state oil firm Petronas Carigali Sdn. Bhd. This was in exchange for the two companies' combined 50% interest in Premier.

The restructuring also involved the transfer of all Premier's interest in the Yetagun gas-condensate field off Myanmar (OGJ Online, Sept. 15, 2003).